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Source: coin4world.com

South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi Scheme

A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for proof of trades and bitcoin balances.

The raid comes after the South African regulator previously advised MTI clients to withdraw funds after determining that the company did not have the required operating license.

However, according to a report by Global Crypto that cites a Telegram message sent to MTI members, the defiant sender says “it will be business as usual” while the investment company’s lawyers “are onto this.” The sender adds:

The news (media) will sensationalize this so I would like to pre-warn everyone. MTI will be releasing a video later today or tomorrow. More attacks will happen. This is just to let you know MTI is not going anywhere.

Similarly, a voice message attributed to Cheri Marks confirms the raid by FSCA officers who were reportedly accompanied by 15 South Police Service officers. Still, Marks asserts that the raid “changes nothing” and that scheduled customer withdrawals will continue.

The MTI team has repeatedly denied allegations against their company and they blame the media of trying to destroy a business that is “working to improve the lives.” Yet, despite the denials, international and domestic organizations are adamant that MTI is operating outside and that it is possibly a Ponzi scheme.

Just recently, one South African website that tracks complex Ponzi schemes as well as individuals running them, added MTI to its list of well-known scams. In its assessment, dishonest.co.za flags for MTI making claims that it has had “only one negative trading day since its launch.”

Panning the unrealistic claim, the website says “anyone with basic trading experience knows that it is extremely difficult to avoid losses; almost impossible.” Similarly, the MTI claims that it takes 10% of the day’s trading profits are also flagged.

Meanwhile, on one South African discussion forum, members discuss the MTI’s continuing troubles with regulators and how the MTI is trying in vain to dismiss the litany of allegations. One member of the forum points to how Cheri Marks’ repeated assurance that “everything is fine” has been used by other scammers in the past before they disappeared. The member John Tempus says:

“Bitconnect also stated, ‘EVERYTHING IS FINE GUYS’ and then overnight it went to the gutter.”

In her audio message, Cheri Marks insists everything is going as normal and while promising that she and Clynton would soon return online to engage with members. Cheri implies in the audio that their mobile had been seized by FSCA officials.

At the time of writing, the MTI team had not put up the promised video that gives their version of events.

What do you think of MTI’s latest challenge? Tell us your thoughts in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoinslate.com

Author: admin

Bitcoin Forms Sell Signal That Was Seen Near 2019 Highs of $14,000

Bitcoin has surged massively higher over the past 10 days since bottoming on the OKEx news. The price of the leading cryptocurrency currently is $13,050, far above the lows of $11,200 that were triggered on the OKEx news.

Bitcoin is forming a pivotal sell signal that has marked the highs of BTC rallies on multiple occasions.

One crypto-asset analyst shared the chart below, noting that the two-day Tom Demark Sequential has printed a “sell 9” candle. Such candles were seen in the summer, once before the July consolidation, in February, on the days of the highs in 2019. This, coupled with the Stochastic RSI reaching an overbought region, suggests a correction is imminent.

The expectations of a correction have been echoed by analyst Cole Garner. His custom indicator shows that the cryptocurrency is also likely overbought in the near term, and thus will face a short-term correction in the days ahead.

JPMorgan analysts are also bearish on Bitcoin in the near term.

The Wall Street giant recently released a three-page report on the crypto market in its regular global macro strategy research note.

The analysts at the firm noted that Bitcoin is currently overbought as per the CME futures positioning indicator, which tracks the derivatives market to see the positioning of traders. The indicator is purportedly at a new year-to-date high, suggesting that Bitcoin will undergo a retracement in the days and weeks ahead.

The firm also noted last week that BTC may be intrinsically overvalued. They argued that Bitcoin’s intrinsic valuation may be derived from the mining cost of production.

Source: icryptodesk.com

Author: admin

3 Technical Signs Suggest Bull Trend Coming

Ethereum has dramatically underperformed Bitcoin over the past two weeks.

The coin has gained 13% in the past two weeks while BTC has gained 20%.

Analysts think that the gap may begin to close shortly.

One trader noted that there are a number of technical signals derived from the Ichimoku Cloud indicator suggesting Ethereum will move higher.

Ethereum has dramatically underperformed Bitcoin over the past two weeks. The leading crypto asset has gained around 13% as BTC has surged closer to 20%.

Despite this underperformance on a short term basis, analysts think that ETH will soon see an explosion in price appreciation.

One crypto-asset analyst shared the chart below on October 27th. It shows that Ethereum is currently underperforming BTC but may soon catch up due to a number of technical signals. He specifically pointed to three technical signals, derived from the Ichimoku Cloud indicator. These signals are as follows:

Ethereum has retested the flat Tenkan level, which confirms it as support. This level is important for bulls to hold during uptrends.

The Chikou is pointing up after the bounce on the Kumo (the cloud).

Ethereum’s future cloud has twisted into the green, suggesting a bull trend is forming.

“$ETH hasn’t even started yet: retested the flat Tenkan, chikou pointing up after bounce on Kumo, bullish future (twist). Spot buys done here Ballot box with check. Opening Perps on 1st blue HA candle / break of WF”

Despite this, analysts think that Ethereum may outperform Bitcoin moving forward.

Su Zhu, CIO and CEO of Three Arrows Capital, recently shared the following sentiment:

“$BTC going up swiftly is not only not bullish for alts but it’s bearish. reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.”

$BTC going up swiftly is not only not bullish for alts but it’s bearish

reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant

— Su Zhu (@zhusu) October 19, 2020

We’ve seen this play out quite well over the past week. As aforementioned, as Bitcoin has rocketed higher, ETH has been lagging.

Ethereum may continue higher, though, once Bitcoin begins to consolidate and capital made in BTC longs begins to cycle down the crypto risk spectrum.

This may not take place for a while, though. Analysts also note that the Bitcoin dominance metric, which tracks how altcoins perform against BTC, is set to move higher.

Source: crytonow.com

Author: adminhttps://crytonow.com

Litecoin long-term Price Analysis: 27 October

Disclaimer: The findings of the following article attempt to analyze the emerging patterns in the Litecoi long-term market and its impact on the price.

The ball has been set in motion for an altcoin rally as Bitcoin sees a renewed interest in the market. Although many altcoins were devoid of much volatility in the past, this rally has provided a chance to break out of the consolidation and move higher. Litecoin [LTC] has been reaping benefits of this Bitcoin-driven growth and has been trading at $57.55, at press time.

The digital asset was bouncing between $42 and $54 for a long time and as it tested the support at $46 once again, the price surged to a peak of $61 on 25 October. There has been a mild correction in its price but the momentum appeared to be supporting a higher price.

The daily chart of Litecoin suggested that after the 23% surge within a day, LTC price was registering higher highs. These higher highs were forming within an ascending channel that had earlier noted a downward break. Similarly, the current price trend may also result in the price to break lower, even though it was noting a bullish rally presently.

This bullishness was highlighted in the signal line taking a position under the candlesticks, whereas volatility was also high. This volatile market may result in the temporary price of the asset to rise but LTC had already reached an overbought zone, which meant a trend reversal could near. This was highlighted by the Relative Strength Index [RSI] that noted the value cross the 70-level indicating the asset was overbought and immediately sunk following a selling pressure. This minimal selling pressure put the asset back under the overbought zone, but the value has remained close to this zone.

The Fibonacci retracement tool marked the important levels of support and resistance for Litecoin in the given period. Given LTC’s previous consolidation phase, there has been strong immediate support marked at $53.97. The current price has dipped under the support at $57 and is moving towards $53. This has been an important level of LTC as it has been tested four times before, which hints at the potential bounce-back that could follow if the value slumped to this level.

Source: cryptotimeless.com

Author: by admin